Wiley IFRS 2017

36First-Time Adoption of International Financial Reporting Standards

1. Introduction
2. Definitions of Terms
3. First-Time Adoption Guidance
   1. Objective and Scope of IFRS 1
   2. Key Dates
   3. Steps in Transition to IFRS
   4. Selection of Accounting Policies
   5. Opening IFRS Statement of Financial Position
   6. Mandatory Exceptions to the Retrospective Application of Other IFRS
      1. Estimates
      2. Derecognition of Non-Derivative Financial Assets and Non-Derivative Financial Liabilities (IAS 39)
      3. Hedge Accounting (IAS 39)
      4. Non-Controlling Interests (IFRS 3)
4. Optional Exemptions
   1. 1. Business Combinations
      2. Insurance Contracts
      3. Deemed Cost
      4. Leases
      5. Below Market Rate Government Loans
      6. Cumulative Translation Differences
      7. Investments in Subsidiaries, Jointly Controlled Entities, and Associates
      8. Assets and Liabilities of Subsidiaries, Associates and Joint Ventures
      9. Compound Financial Instruments
      10. Designation of Previously Recognised Financial Instruments
      11. Fair Value Measurement of Financial Assets or Financial Liabilities at Initial Recognition
      12. Decommissioning Liabilities Included in the Cost of Property, Plant and Equipment
      13. Service Concession Arrangements
      14. Borrowing Costs
      15. Severe Hyperinflation
5. Presentation and Disclosure
   1. 1. Explanation of Transition to IFRS
      2. Comparative Information
      3. Reconciliations
      4. Other Disclosures
      5. Interim Reporting
   2. Options With and Within the Accounting Standards
   3. Transition from US GAAP to IFRS: The Case of DaimlerChrysler

Introduction

When a reporting entity undertakes the preparation of its financial statements ...